George Soros is one of the most prominent hedge fund managers. Soros is famous for betting against the British pound and taking on the Bank of England in the 1990s. Soros made handsome profits on that bet. Since then, Soros’ asset allocations are closely watched. Right now, the hedge fund manager is betting on gold.
According to a filing made with the U.S. Securities and Exchange Commission (SEC), Soros’ Soros Asset Management acquired 19.4 million shares in Barrick Gold (TSX: ABX) in the first quarter. The fund also took out a 1.1 million share call option on the SPDR Gold Trust, which is the largest ETF tracking physical gold.
Given that one of the most successful hedge fund managers ever is bullish on gold, Canadian investors should consider the Horizon BetaPro COMEX Gold Bullion Bull Plus (ETF) (TSX: HBU). The fund seeks daily investment results that endeavor to correspond to two times (200%) the daily performance of the COMEX Gold Bullion Index. In the last one month alone, HBU has returned more than 6%. Year-to-date, the performance of HBU is even more impressive, gaining more than 41%. The fund has significantly outperformed the S&P/TSX Composite Index, which is up almost 6% for the year.
